As we’ve posted before (see, for example, 1, 2), measuring marketing’s return on investment is both important and difficult.
Now, according to B2B Marketing, the situation is changing:
“The old perception of marketing as an immeasurable dark art whose benefits could not be quantified by mere numbers seems to be over. In its place, the new imperative is ‘marketing as science’, where any marketer worth their salt will be able quote brilliant ROI figures for past and future campaigns.”
“While it’s understandable that there should be a desire among marketers to show that investment in their department is having a positive effect on the bottom line, it’s also undoubtedly true that lots of practitioners are still struggling to do this. What’s the problem? Are marketers’ ROI formulas outdated? Are situational differences disrupting the playing field? Are businesses measuring marketing contributions in the right way?”
Click the image below for some solutions related to better measuring marketing ROI.
Not all product ideas that we come up with have commercial potential. So, how do we determine which ideas have the best odds of succeeding?
For some tips, check out this Inc. video interview with Valerie Casey, who is the chief product officer at Samsung’s Global Innovation Center. She talks about the difference among a feature, a product, and a business.
Bootstrap marketing is another term for guerrilla marketing, a small-firm approach to competing in the marketplace.
As Brandon T. Luong, founder of Guanxi Innovations, defines it: Bootstrap marketing involves a “tactical marketing plan giving the maximum ROI (Return on Investment) at the lowest cost while aligning with the brand’s goals.”
Take a look at Luong’s slideshow on bootstrap marketing.